of liquidation makes the private bank coalition incentive compatible, inducing banks to monitor each other. But, despite … the evolution of private bank coalitions, government central banks and government deposit insurance schemes historically … replaced the private bank coalitions. In this paper we ask why this transition from private arrangements to public arrangements …

emergency currency during a financial crisis and (2) the Federal Reserve Act of 1913 which established a central bank. We employ …

Reserve discount window through contacts with Federal Reserve members. We find that individual bank attributes related to the … that a bank's position within the interbank network (as a user or provider of liquidity) predicts the timing of its entry …

We investigate the origins and growth of the Financial Stability Mandate (FSM) to examine why bank supervisors, inside … changes in the FSM, (2) whether supervision should be conducted within the central bank or in independent agencies and (3 …) whether supervision should be rules- or discretion/principles-based. As histories of bank supervision are few, we focus on the …

operating in the United States and determined the cause of each bank suspension. This essay analyzes chronological patterns in … of bank distress. Periods of heightened distress were correlated with periods of increased illiquidity. Contagion via … correspondent networks and bank runs propagated the initial banking panics. As the depression deepened and asset values declined …

operating in the United States and determined the cause of each bank suspension. This essay introduces quarterly series derived …

Although bank supervision under the National Banking System exercised a light hand and panics were frequent, depositor … losses were minimal. Double liability induced shareholders to carefully monitor bank managers and voluntarily liquidate banks …